by The Recycled Plastic Granules Market is estimated to be valued at US$ 3.16 Bn in 2023 and is expected to exhibit a CAGR of 3.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Recycled plastic granules are made from post-consumer and post-industrial plastic waste through mechanical and chemical recycling processes. These granules can be used to manufacture a variety of plastic products including bottles, containers, bags, ropes, and other construction materials. Growing environmental concerns around plastic waste disposal and circular economy initiatives by governments worldwide are increasing the adoption of recycled plastic materials.
Market Dynamics:
Increasing construction and infrastructure development activities in emerging economies are boosting the demand for recycled plastic granules in applications such as piping, flooring, decking, and others. Plastic waste recycled into granules lowers the material cost for construction operations. Furthermore, strict regulations around single-use plastics by various countries are propelling plastic product manufacturers and packaging industries to utilize recycled plastic inputs. This is creating a steady supply of waste plastic that can be processed into granules. However, lack of advanced recycling facilities and collection infrastructure in underdeveloped regions poses a major challenge for market growth.
Segment Analysis
The recycled plastic granules market is dominated by the packaging segment which accounts for over 35% of the market share. Being highly cost effective and environment friendly, recycled plastic granules are widely used in the production of packaging products like containers, bottles, plastic bags, and wraps. Within the packaging segment, food packaging is the fastest growing sub-segment as recycled plastic granules ensure food safety along with sustainability.
PEST Analysis
Political: Favorable government policies and regulations regarding plastic waste management and recycling in major economies are driving the market growth. Economic: Higher profit margins for recycled plastic producers compared to virgin plastic producers due to lower production costs is a key factor. Social: Rising awareness about environmental issues like plastic pollution and sustainability is boosting the adoption of recycled plastic products. Technological: Advanced sorting and cleaning technologies are improving the quality and yield of recycled plastic granules.
Key Takeaways
The global Recycled Plastic Granules Market Size is expected to witness high growth, exhibiting a CAGR of 3.3% over the forecast period, due to increasing concerns about plastic waste and demand for sustainable packaging solutions.
Regionally, Asia Pacific dominates the market and is expected to continue its lead, growing at a CAGR of over 4% during the forecast period. This can be attributed to the large packaging and construction industries in China and India which are major consumers of recycled plastic granules.
Key players operating in the recycled plastic granules market are Polyclean Technologies Inc., Goverdhan Polygran Pvt. Ltd., Nidhi Enterprises, S.S.B Polymers & S.S.B Enterprises, The Shakti Plastic Industries, Dar AI Khaleej Plastics, GRM Polymer, Jai Shree Balaji Plastic, Kamal Polyplast, Mittal Polymers, Nahata Plastics, Navkar Industries, Amruta Plastic, Raza Traders, Vanshika Plastic Industry, Wiwat Plastic, and Xiamen Keyuan Plastic Co., Ltd. Strategic partnerships and acquisitions are some of the key strategies adopted by these players to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
